Cancellation of Debt Income Exclusions
July 11, 2009 by admin
Filed under Cancellation of Debt Income, Cancellation of Debt Income Exclusions, Mortgage Cancellation of Debt, Mortgage Debt Relief
The general rule when it comes to cancellation of debt is that it is a taxable event. But there are some exceptions that you should be aware of. The most common situations when cancellation of debt income is not taxable involve bankruptcy, the Mortgage Forgiveness Debt Relief Act, insolvency, and certain farm and business indebtedness.
Discharges [...]